Wheaton Precious Metals (NYSE:WPM) Price Target Raised to $75.00 at CIBC

Wheaton Precious Metals (NYSE:WPM) had its price objective raised by CIBC from $70.00 to $75.00 in a research report report published on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the stock.

WPM has been the topic of several other reports. Jefferies Financial Group upped their target price on Wheaton Precious Metals from $52.00 to $61.00 and gave the company a buy rating in a report on Monday, April 22nd. Raymond James cut their price target on shares of Wheaton Precious Metals from $60.00 to $58.00 and set a market perform rating on the stock in a research report on Thursday, February 22nd. National Bank Financial lowered Wheaton Precious Metals from an outperform rating to a sector perform rating in a research report on Wednesday, February 21st. Berenberg Bank boosted their price objective on Wheaton Precious Metals from $54.00 to $64.00 and gave the company a buy rating in a research note on Tuesday, May 21st. Finally, Scotiabank cut their price target on Wheaton Precious Metals from $60.00 to $59.00 and set a sector outperform rating on the stock in a report on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $61.33.

Wheaton Precious Metals Price Performance

Wheaton Precious Metals stock opened at $56.41 on Wednesday. The business has a 50 day moving average of $51.67 and a 200-day moving average of $48.14. The company has a market capitalization of $25.57 billion, a P/E ratio of 43.39, a P/E/G ratio of 2.02 and a beta of 0.75. Wheaton Precious Metals has a 1 year low of $38.37 and a 1 year high of $57.87.

Wheaton Precious Metals (NYSE:WPM) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. The firm had revenue of $296.80 million during the quarter, compared to analysts’ expectations of $278.95 million. Wheaton Precious Metals had a net margin of 53.74% and a return on equity of 8.53%. The company’s revenue was up 38.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 EPS. Equities analysts anticipate that Wheaton Precious Metals will post 1.28 EPS for the current year.

Wheaton Precious Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Shareholders of record on Wednesday, May 29th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Wednesday, May 29th. Wheaton Precious Metals’s dividend payout ratio (DPR) is 47.69%.

Institutional Investors Weigh In On Wheaton Precious Metals

Several hedge funds and other institutional investors have recently made changes to their positions in WPM. CVA Family Office LLC acquired a new position in Wheaton Precious Metals during the 4th quarter valued at about $26,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Wheaton Precious Metals in the fourth quarter valued at approximately $31,000. Principal Securities Inc. purchased a new position in shares of Wheaton Precious Metals during the fourth quarter valued at approximately $39,000. Fifth Third Bancorp grew its holdings in Wheaton Precious Metals by 230.7% during the fourth quarter. Fifth Third Bancorp now owns 863 shares of the company’s stock worth $43,000 after buying an additional 602 shares in the last quarter. Finally, St. Johns Investment Management Company LLC purchased a new stake in Wheaton Precious Metals in the 1st quarter valued at $52,000. 70.34% of the stock is owned by institutional investors.

About Wheaton Precious Metals

Wheaton Precious Metals Corp. primarily sells precious metals in North America, Europe, and South America. It produces and sells gold, silver, palladium, and cobalt deposits. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 2017. Wheaton Precious Metals Corp.